Morocco is a captivating destination that blends rich culture with modern conveniences, and understanding its financial system can enhance your travel experience. Whether you’re visiting bustling medinas or remote mountain villages, having the right currency and payment methods is key to a smooth trip. Here’s everything you need to know about managing money in Morocco.
The Official Currency of Morocco
The official currency in Morocco is the Moroccan Dirham (MAD). The Dirham is subdivided into 100 centimes, and commonly used notes are 20 MAD, 50 MAD, 100 MAD, and 200 MAD.
Exchange Rate
As of now, 1 Euro equals approximately 10.68 MAD, but rates can fluctuate slightly. The Moroccan Dirham has remained stable over the years, providing a reliable financial environment for travelers.
Exchanging Money
Where to Exchange Money
- Banks: Reliable and secure, banks offer competitive exchange rates.
- Exchange Offices: Found in airports, ports, and tourist areas, these are convenient but may charge higher fees.
- Hotels: Some high-end hotels offer exchange services, though rates might not be as favorable.
- ATMs: Widely available in cities, ATMs provide a convenient option for withdrawing local currency.
Tips for Exchanging Money
- Always compare rates at different locations.
- Keep receipts from exchange transactions; you’ll need them if you wish to convert leftover Dirhams back into foreign currency.
Payment Methods in Morocco
Cash
Cash is king in Morocco, especially in rural areas and small shops. Carry small denominations for everyday expenses like shopping in souks or paying for transportation.
Credit and Debit Cards
- Widely accepted in cities and tourist areas, particularly at hotels, restaurants, and large stores.
- Visa and Mastercard are the most commonly accepted cards.
- Avoid using cards for small amounts to minimize commission fees.
ATMs
- ATMs are prevalent in cities and tourist hotspots.
- Be cautious about withdrawing small amounts, as ATM fees can be high.
- Notify your bank of your travel plans to avoid issues with card usage.
Mobile Payments
Although growing, mobile payment systems are not yet widely adopted in Morocco. It’s best to rely on cash or cards for transactions.
Using Foreign Currency
While the Moroccan Dirham is the primary currency, Euros (EUR) and occasionally US Dollars (USD) are accepted in tourist areas, hotels, and larger shops. However, paying in foreign currency often leads to unfavorable exchange rates, and change will typically be given in Dirhams.
Historical Use of Currency
Morocco’s unique history has left an imprint on its monetary system. In smaller towns and traditional markets, you might still hear prices expressed in old terms like:
- Francs: 1 Franc equals 1/100th of a Dirham.
- Reals: Depending on the region, a Real may equal 1/10th or 1/20th of a Dirham.
While these denominations are no longer in circulation, they are still part of everyday language, reflecting Morocco’s colonial past.
Important Considerations
- It is illegal to take Dirhams out of Morocco. Plan to exchange leftover currency before departure.
- Always carry a mix of payment methods (cash, cards) for flexibility.
- Retain small bills for tips, market transactions, or smaller purchases.
Quick Tips for Managing Money in Morocco
- Plan for cash-heavy transactions, especially in rural areas.
- Use cards for larger purchases to minimize cash withdrawals.
- Familiarize yourself with common prices to avoid being overcharged in tourist areas.
- Double-check exchange rates and fees when exchanging money or using ATMs.
Frequently Asked Questions
Does Morocco accept Euros?
Yes, Euros are accepted in many tourist areas, but having Moroccan Dirhams on hand is essential for smaller establishments and better value.
Can I use USD in Morocco?
US Dollars are less commonly accepted than Euros. It’s best to exchange USD for Dirhams upon arrival.
What is the best way to pay in Morocco?
Cash is most commonly used, while credit cards are ideal for larger purchases. ATMs are convenient but should be used sparingly due to fees.
Conclusion Understanding Morocco’s financial system can greatly enhance your travel experience. By planning ahead, keeping a mix of Dirhams and Euros, and being aware of local customs, you’ll be well-equipped to navigate transactions with ease. Whether you’re exploring ancient medinas or relaxing at a luxury riad, Morocco’s vibrant culture and hospitality make every moment memorable.